In the first half of the year, certified pre-owned sales represented more than 18 percent of franchised dealers’ used-vehicle sales, according to the latest Pulse report from ADESA Analytical Services. The report, citing its own statistics and those from Autodata Corp., indicates the 18.5-percent share is up from the 16.9 percent of franchised used sales […] [Read More]

Victory Recovery Services (VRS), a provider in the financial services space for skip tracing and collateral recovery since 1989, recently opened a new branch office in Irving, Texas.  With VRS’ increased presence in the financial services industry as an outsource partner, the company highlighted that it also hired new leadership and incorporated a new software […] [Read More]

My Recovery System (MRS), a software solutions company specializing in the repossession industry, recently hired Bill Sheehan as vice president of client services, bringing more than 20 years of experience working in the financial services and collateral recovery industries to the company. Prior to joining MRS, Sheehan worked at PRA Location Services and The M. […] [Read More]

The relatively new Momentum Auto Group recently announced the appointment of its new chief operating officer. Bringing nearly 33 years of experience to the role is George Athan, who is now responsible for directing future business management and revenue growth as well as acquisition strategies to grow and develop future opportunities. Athan's background includes time […] [Read More]

Barrett-Jackson finished what the company considered to be one of the strongest years in its history following the eighth annual Las Vegas Auction this past weekend at the Mandalay Bay Resort and Casino in Las Vegas. Barrett-Jackson’s Las Vegas auction enjoyed a 98 percent sell-through rate with sales totaling more than $26.9 million and $750,000 […] [Read More]

More than two years have passed since Copart acquired Salvage Parent, which had conducted business primarily as Quad City Salvage Auction, Crashed Toys and Desert View Auto Auction. During last week’s conference call with the investment community, Copart chief financial officer Will Franklin indicated the company has “cycled completely through the integration pain of the […] [Read More]

Auction volume this year will likely exceed 9 million units and climb 7 percent over 2014 numbers, according to National Auto Auction Association economist Ira Silver. During a presentation at the association’s convention last week in Orlando, Fla., Silver said auction volume should reach 9.3 million units for 2015, followed by 4-percent growth and 9.7 […] [Read More]

Group 1 Automotive announced Monday its acquisition of a Mercedes-Benz store in Georgetown, Texas. Part of the greater Austin metropolitan area, the dealership will continue to operate as Mercedes-Benz of Georgetown. The store is expected to generate $100 million in estimated annual revenues. “We are delighted to strengthen our relationship with Mercedes-Benz and further expand […] [Read More]

First Ally Financial, then American Honda Finance Corp., and on Monday, the Consumer Financial Protection Bureau added Fifth Third Bank to its list of recipients of multi-million-dollar actions for what the regulators determined to be discrimination in vehicle financing. As part of its $18 million penalty in the auto space, the CFPB and Department of […] [Read More]

FNI’s David Bafumo dissected a class action complaint involving Santander Consumer USA filed in the U.S. District Court for the Northern District of Illinois (Eastern Division) and uncovered three important questions that might impact other auto finance companies. To recap, the matter that reached the court system on Aug. 31 is associated with allegations that […] [Read More]